Jan 30, 2019
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Bitcoin [BTC] ban lifted as Iran’s Central Bank issues new draft rules on cryptocurrency

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In a development that could give breathing space to the Iranian economy and the falling value of the country’s currency, Rial, the Central Bank has issued draft rules and guidelines with respect to the cryptocurrency market, in effect recognizing Bitcoin and other cryptocurrencies. This reverses the Bank’s own ruling in April 2018 when it banned any cryptocurrency dealings, including Bitcoin anywhere in Iran.

The new rules come in light of Iran’s own efforts to launch a native cryptocurrency, the ‘Crypto-Rial.’ It is part of a sustained effort on the part of Iran to reverse the adverse effects of the American sanctions on its economy. US sanctions, imposed by the Trump administration in response to Iran’s nuclear programme have tanked the Iranian economy by closing the country to the global financial transaction network.

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